GBP/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As it turned out, a rebound from the 200-period SMA on Nov 13 developed into a 60-bar long channel up pattern. Accordingly, the parallel rising trend-lines forming it create tough resistance at 1.7244, which is likely to initiate a bearish correction if tested, and support at 1.7005, which should be able to guide the price further north in case the price touches this level.
However, neither the technical indicators, which are largely mixed at the moment, nor the SWFX sentiment (67% of traders are currently holding short positions on GBP/CAD) are in favour of the Sterling's appreciation relative to the Canadian Dollar.

© Dukascopy Bank SA
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